Contributing will lower your overalladjusted gross income (AGI)and potentially bring you a bigger return or cut the taxes you owe. And it’s an “above the line” deduction, which means that you do not need to itemize to claim it. Make sure your income is eligible for these contributions,...
Save serious money on auto financing by leveraging competing loan offers at the dealership, making at least a 20% down payment, and keeping the loan term as short as you can realistically manage. Oh, and — of course — don't buy more car than you can tr
Maybe you've been considering homeownership for a while, or perhaps you haven't given much thought to buying at all. Either way, it’s important to know when you’re financiallyready to buy a house. Lenders want you to be financially stable beforeapplying for a home mortgage. But ...
To refinance a mortgage, it can be helpful to understand the process and know what to expect. Here are some of the potential steps. 1. Apply In many cases, the first step is submitting an application with a lender or lenders. It’s a good idea to shop around and compare rates and te...
The W-4 form helps your employer’s payroll system calculate the taxes to take out of your paychecks. The goal of taxation is to withhold, over the course of the year, a close estimate of what you’ll owe when you complete your tax return. Step 1: Enter your basic information. Then ...
Just note that there might be taxes and insurance paid monthly as well, if you have amortgage impound account. Interest-Only Mortgage Qualification In the past lenders may have used the interest-only payment for qualifying purposes But that was clearly flawed seeing that the payment wasn’t full...
You may be surprised to know that some refinancing opportunities exist for qualified borrowers. While the lack of equity will limit your options, some lenders will do it for conventional loans. And even more will do it for government-backed loans. Learn more: Compare current refinance rates ...
Lenders, especially mortgage companies, may also consider your debt-to-income ratio. This number compares what you owe each month to what you make. Someone with a large mortgage, two car loans, heavy student loan debt, and several credit cards will have a high debt-to-income ratio. ...
With a debt settlement, you’ll pay back a percentage of what you owe – ideally, an amount you can afford – and your lenders discharge the rest. Like bankruptcy, a settlement will appear on your credit report, hurting your credit score. Likewise, in certain situations, you may have to...
In many cases, it is not your damaged credit score that makes it hard to obtain credit. Somelendersdo not grant credit to anyone with a bankruptcy, regardless of their FICO score. If you are having difficulty obtaining credit following a bankruptcy, it may be a good idea to open up as...